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Oil Prices Set To Rise In 2017 On Balancing Markets

Eco

Friday December 23, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Dollar rally at a turning point?

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- The U.S. dollar has rallied to its strongest level in more than a decade in recent weeks, as the uncertainty surrounding the presidential election disappeared and the Federal Reserve hiked interest rates. The Fed also suggested that the strong labor market could warrant further rate tightening in the quarters ahead.
- At the same time, economic weakness, political uncertainty, and a spate of terrorist attacks in Europe are all weighing on the euro.
- The strong dollar is putting downward pressure on crude oil prices, making oil more expensive for much of the world and thereby pushing down demand. The dollar is offsetting strength in the oil market stemming from the OPEC deal.
- The dollar rally came to a halt in mid-December, reversing somewhat.
- The big question mark will be U.S. policy in the Trump administration. Businesses are confident about prospective tax cuts, but excessive spending could fuel inflation.

2. China’s LNG imports spike

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- China imported a record level of LNG in November – 2.66 million…

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